SPX Capital

What SPX Capital does

SPX Capital is a Brazil-founded global alternative asset manager, established in 2010 by former Banco BBM professionals led by Chairman Rogério Xavier, with current headquarters in São Paulo and additional offices in Rio de Janeiro, London, New York, Singapore, Cascais, and Abu Dhabi. The firm manages approximately US$7.2 billion in assets across five core business lines: Macro (US$4.8B AUM, 61 professionals) covering Rates, FX, Equities, Commodities, and Credit with a fundamental, research-driven approach; Equities (US$2.4B AUM, 13 investment professionals) offering Long Bias and Long Only funds; Credit (US$1.6B AUM, 7-year track record) in corporate and sovereign debt; Real Estate (US$575M across office, retail, and logistics) including a R$400M warehouse fund launched in 2024; and Private Equity (US$391.3M, 6 portfolio companies) operated in partnership with The Carlyle Group following SPX's 2022 acquisition of Carlyle's Brazil operations. The firm is FCA-authorized in the UK, ANBIMA-certified in Brazil, a PRI signatory, and Carbon Neutral-certified.

SPX serves institutional investors, Brazilian pension funds, and high-net-worth individuals primarily in Brazil, with growing international institutional reach through its London, New York, Singapore, Cascais, and Abu Dhabi offices. The platform's underlying architecture is a multi-asset investment management organization with specialist portfolio managers dedicated to each asset class, supported by a Chief Economist (Gabriel Hartung, PhD EPGE/FGV) and dedicated quant, risk, legal/compliance, and product teams. Sub-brand funds include SPX Falcon (equity), SPX Seahawk (credit), SPX Long Bias Prev and SPX Lancer Prev (pension solutions), and SPXS11 (real estate FII).

The business model is a classic active asset management revenue structure: recurring management fees on assets under management across all five verticals, plus performance fees (carry) tied to fund returns — particularly material in PE and hedge-fund-style Macro strategies. Distribution combines a sales-led institutional channel with a broad retail network of 18+ Brazilian banking and digital wealth partners (BTG Pactual, Itaú, XP, Nubank, Banco do Brasil, C6, Warren, Genial, Inter, Mirae Asset, Daycoval, and others) plus direct institutional sales through international offices. The firm has invested in thought-leadership content marketing (podcasts, YouTube, earned media in Exame, InfoMoney, Valor Econômico, Bloomberg Línea) and has accumulated multiple industry awards, including EXAME's "Gestora do Ano" in 2026. As of May 2026, the firm is undergoing a notable restructuring involving senior partner departures and the planned closure of its London office.

Name

SPX Capital

Legal name

SPX Gestão de Recursos Ltda.

Website

https://spxcapital.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

251–500 employees

Short description

Brazil-founded global alternative asset manager offering discretionary macro, equities, credit, real estate, and private equity strategies with approximately $7.2 billion in AUM, serving institutional and high-net-worth investors through distribution partners and direct sales across five continents.

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282), Finance Services (6199), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Real Assets — Fund-of-Funds & Secondaries (FSAAAKAK)

akta.pro secondary industries

Real Assets — Real Estate Debt (Whole Loans, Mezzanine, CMBS/CLO) (FSAHAIAB), Real Estate Private Credit (CRE Debt) (FSANADAG)

Keywords

• Alternative asset management
• Macro investment strategies
• Hedge fund management
• Private equity funds
• Real estate investment

Headquarters

HQ city

Rio De Janeiro

HQ country

Brazil

HQ region

Latin America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Asset Management Fees: Management fees charged on assets under management across all fund strategies including Macro, Equities, Credit, Real Estate, and Private Equity funds
2. Performance Fees (Carry): Performance-based fees tied to fund returns, common in hedge fund and private equity structures

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

SPX Capital is a Brazilian alternative asset manager founded in 2010, managing approximately $7.2 billion in assets across six core strategies: Macro (Rates, FX, Equities, Commodities, Credit), Equities (Long Bias and Long Only), Credit, Real Estate (FIIs), Private Equity (in partnership with The Carlyle Group), and Multimercado funds. The firm delivers investment solutions to institutional investors, pension funds, family offices, high-net-worth individuals, and retail investors through Brazilian banking distribution platforms and international feeder structures.

Product overview

SPX Capital is a global alternative asset manager offering investment strategies across five core business lines: Macro, Equities, Credit, Real Estate, and Private Equity. The firm operates a platform-plus-modules architecture with distinct vertical products managed by specialist teams. Macro strategy (US$ 4.8B AUM) covers Rates, FX, Equities, Commodities, and Credit; Equities (US$ 2.4B) offers Long Bias and Long Only Funds including SPX Falcon; Credit (US$ 1.6B) provides corporate and sovereign debt strategies including SPX Seahawk; Real Estate (US$ 575M) invests in office, retail, and logistics assets; Private Equity manages US$ 391.3M with Carlyle partnership. The platform also includes pension fund solutions (SPX LB Prev, SPX Lancer Prev) and real estate funds (SPXS11).

Differentiator

Problem solved

Functional benefit

Products and services

• SPX Macro Strategy

Quantifiable outcome

• R$7.5 billion invested in Private Equity in Brazil since 2008
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Ten partnerships are on record, tiered core, flagship and minor.

• LightrockcoreStrategic or Co-development Partner · 1 January 2023Joint investment partnership with Lightrock to acquire 31% stake in ComBio Energia, a sustainable energy company. SPX and Lightrock funds collaborated on this private equity-style investment in the clean energy sector.
• The Carlyle GroupflagshipStrategic or Co-development Partner · 1 January 2021Strategic partnership with The Carlyle Group for SPX's Brazilian Private Equity operations. SPX's Private Equity partners have worked together for 15 years. SPX acquired Carlyle's Brazil operations in 2022. The partnership enables investment in Brazilian companies with differentiated business models, operational improvements, M&A, IPO preparation, and digital transformation.
• BTG PactualcoreChannel Partner/ Reseller/ DistributorOne of 18+ Brazilian distribution partners for SPX funds, offering SPX investment products to BTG Pactual clients through its platform.
• ItaúcoreChannel Partner/ Reseller/ DistributorMajor Brazilian banking partner distributing SPX funds to retail and institutional clients through Itaú's extensive branch network and digital platforms.
• XP InvestimentoscoreChannel Partner/ Reseller/ DistributorLeading Brazilian investment platform distributing SPX funds to retail investors and wealth management clients.
• NubankcoreChannel Partner/ Reseller/ DistributorDigital banking partner distributing SPX funds to Nubank's large retail customer base in Brazil.
• Banco do BrasilcoreChannel Partner/ Reseller/ DistributorState-owned Brazilian bank distributing SPX funds through its extensive national branch network.
• C6 BankminorChannel Partner/ Reseller/ DistributorDigital banking partner distributing SPX funds to its customer base.
• WarrenminorChannel Partner/ Reseller/ DistributorDigital wealth management platform distributing SPX funds to retail investors.
• XPcoreChannel Partner/ Reseller/ DistributorMajor brokerage platform distributing SPX funds to retail and institutional investors.

Scale indicators17 records

Recent moves6 records

Expansion highlights7 records

Emerging players

• Genoa Capital: Brazilian alternative asset manager founded by former Polo Capital team, with multi-strategy and structured credit capabilities. Comparable to SPX in strategy mix and target clients, but with smaller AUM scale and more recent platform build-out.

Broad incumbents

• Itaú Asset Management: Largest asset manager in Brazil and Latin America, affiliated with Itaú Unibanco. Comparable to SPX in offering breadth across fixed income, equities, multi-market, and alternatives, but at materially larger scale and with bank-distribution advantage.
• Vinci Partners: Listed Brazilian alternative asset manager with private equity, credit, real estate, and infrastructure strategies. Comparable to SPX in multi-strategy platform breadth, but larger and publicly listed with broader institutional reach.
• BTG Pactual Asset Management: Asset management arm of Brazil's largest independent investment bank, with extensive macro, credit, equities, and alternatives franchises. Comparable to SPX in strategy breadth and Brazilian distribution, but with broader parent-bank resources and proprietary product advantage.

Direct peers

• Truxt Investimentos: Brazilian macro-focused asset manager founded by former Verde Asset professionals. Closely comparable to SPX in macro strategy emphasis, Brazilian institutional/HNW distribution, and multi-strategy platform approach.
• JGP Gestão de Recursos: Brazilian multi-strategy asset manager founded in 1998 with strong macro and credit capabilities — directly comparable to SPX in target client base (HNW, institutional, pensions), product set, and Brazilian distribution model. Multiple SPX alumni previously worked at JGP.
• Verde Asset Management: Brazilian macro-specialist asset manager founded by Luis Stuhlberger, one of Brazil's most recognized fund managers. Directly comparable in macro strategy focus, Brazilian institutional/HNW distribution, and large AUM scale.
• Ibiuna Investimentos: Brazilian macro and multi-strategy asset manager founded by former 2B Capital team. Closely comparable to SPX in strategy mix (macro, equities, credit), Brazilian distribution model, and target client base.
• Gávea Investimentos: Brazilian alternative asset manager founded by former central bank chief Armínio Fraga, with macro, equities, and private credit strategies. Directly comparable to SPX in alternative-asset multi-strategy model and institutional distribution.
• Kapitalo Investimentos: Brazilian alternative asset manager founded by former BTG Pactual team, focused on macro and multi-strategy funds. Comparable to SPX in strategy, target client base, and Brazilian institutional/HNW distribution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/capitalspx
• LinkedInlinkedin.com/company/spx-capital

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SPX Capital